What is the Definition of Multiple Peril Policy?

What is the Definition of Multiple Peril Policy?

A package policy, such as a homeowners or business insurance policy, that provides coverage against several different perils. It also refers to the combination of property and liability coverage in one policy. In the early days of insurance, coverages for property damage and liability were purchased separately.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Multiple Peril Policy?

What is the Definition of Multiple Peril Policy?

You can find random definition and meaning of insurance terms below:

Meaning of Agency Companies in Insurance Terms

Companies that market and sell products via independent agents.

Meaning of Aleatory Contract in Insurance Terms

A contract in which one party provides something of value to another party in exchange for a conditional promise, which is a promise that the other party will perform a stated act upon the occurrence of an  uncertain event. Insurance contracts are aleatory because the policyowner pays premiums to the insurer, and in return the insurer promises to pay benefits if the event insured against occurs. Contrast with Commutative  contract.

Meaning of Alien Insurance Company in Insurance Terms

An insurance company incorporated under the laws of a foreign country, as opposed to a “foreign” insurance company which does business in states outside its own.

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